Turkish lender Garanti BBVA has agreed to sell its entire Romanian business to ​Austria's Raiffeisen Bank for 591 million euros ($680 ‌million), the bank said over the weekend.

In a statement to the Public Disclosure Platform (KAP) on March 28, ​Garanti BBVA said its board approved ​the share purchase agreement, authorizing its Dutch ⁠subsidiaries Garanti Holding B.V. and G ​Netherlands B.V. to sell their entire stakes in ​Romania-based Garanti Bank S.A. and leasing company Motoractive IFN S.A. to Raiffeisen Bank.

The transaction covers 100% ​of the share capital of both companies.

Garanti ​BBVA said completion of the sale is subject to ‌regulatory ⁠approvals from the relevant authorities and is expected to take place in the fourth quarter of 2026.

The bank had previously ​disclosed on March ​10 ⁠that it was evaluating strategic options regarding its Romanian operations.

Istanbul-listed Garanti ​is a majority-owned unit of Spain's ​BBVA, ⁠which estimates the transaction will have a net positive impact of around 10 basis points ⁠on ​its CET1 ratio and ​112 million euros on the group's income statement.